GravityCoin: ZeroCoin explaination and usage guide
GravityCoin makes use of the ZeroCoin protocol in order to achieve anonymity in transactions. Instead of having to trust the development team with a trusted setup, like zkSNARKS, ZeroCoin takes a non-anonymous coin and exchanges it for a “ZeroCoin” which can’t be traced back to a specific user.
These ZeroCoins can then be exchanged back for a non-anonymous coins. This is all integrated into the core wallet, which also supports use with TOR for added protection for your identity. We believe that the financial independence afforded by distributed ledger technology is a freedom with inherent rights. One of these rights is privacy. In the dawn of this new age in financial privacy on the blockchain and at a time where Zerocoin technology rules, GravityCoin reigns supreme. While we are not the first to enable Third-party spend, we proudly boast the most successful patching and enabling of the protocol with no vulnerabilities in our network and zero exploits on the GravityCoin blockchain.The ZeroCoin layer is where you will anonymise your coins and it works through the Mint and Spend transactions. You can think of the ZeroCoin layer as a form of coin laundry where you will put in your existing “dirty” coins (that have a long transaction history) and then redeem new “clean” coins that appear to be brand new and have no prior transaction history. Unlike other coin mixing solutions, ZeroCoin does not rely on trust of other people you’re mixing with and is built directly into GravityCoin’s protocol.
GravityCoin or GXX: This is the base coin that you use to do transactions including receiving or sending. This coin works just like any other cryptocurrency.
ZeroCoin: A ZeroCoin is a token you receive after destroying GravityCoins. It’s a token that you have destroyed a certain number of GravityCoins. ZeroCoins cannot be directly transferred to other people. For ZeroCoins to be transacted they need to be “spent” to turn them back into GravityCoins before they can be used for transactions.
Third-party: With Third-party spend, another extra privacy layer, you can choose the output address you want to send the minted coins to. Without this feature you could use the same wallet address twice and that could expose you.
Minting ZeroCoin
Minting a ZeroCoin means destroying a fixed number of GravityCoin and turning them into “ZeroCoins” which are tokens to redeem completely new “clean” GravityCoins.
Start the GravityCoin wallet. Click on the ZeroCoin tab on the top section. In the dropdown menu at the bottom, choose a denomination (1, 10, 100, 250, 500) in which to mint the ZeroCoin. A mint fee of 0.001 GXX will be charged regardless of how many coins you mint.
After an amount is chosen, click on the Mint ZeroCoin button. It takes about 6 confirmations before you can spend the ZeroCoin you have just created. The newly minted ZeroCoin will appear as “New” in the list.
Note: It is always recommended to backup your wallet.dat whenever you do a mint. You can do this by going to File > Backup Wallet.
Spending ZeroCoin
The longer the time between the initial mint and the subsequent spend, the more potential privacy you have. We recommend minting some coins beforehand and spending them when you require them rather than immediately spending your mints as soon as they are confirmed.
If the mint has 6 confirmations or more, select the denomination of the coin you minted (1, 10, 100, 250, 500) that you want to spend. (To use Third-party spend: Uncheck the ‘Spend To Me“ checkbox and choose an output address.) After that click on the Spend ZeroCoin button. This will take awhile, and your ZeroCoin will appear as “used” after it is completed.
Your ZeroCoin is now redeemed into GravityCoin and will be sent to a chosen (Third-party) GravityCoin address or a random chosen GravityCoin address with no previous transaction history.
Resources:
1.https://zcoin.io/zerocoin-usage-guide/
2.http://zerocoin.org/media/pdf/ZerocoinOakland.pdf
3.https://en.wikipedia.org/wiki/RSA_Factoring_Challenge
4.https://www.chaac.tf.fau.eu/2018/04/12/zerocoinzcoinpivxzoinsmartcashhexxcoin-attack/
